Estate Planning during the pandemic

The need for Estate planning has become more apparent than ever due to COVID-19. People who have not considered what might happen if they become seriously ill or incapacitated are appreciating the benefits of an estate plan.

An estate plan can provide significant peace of mind by ensuring someone can take care of you – and your finances – if you become ill. It also ensures your assets are protected and passed on according to your wishes.

Estate planning is often a difficult topic to broach, as it brings the unpleasant topics of illness and death to the forefront of our minds. However, planning ahead can prevent unnecessary stress, legal expenses and taxes, disputes between family members, and delays in passing life savings on to loved ones.

If you are considering creating an estate plan, it is important to consider the following key topics:

• Have the proper powers of attorney been prepared? A medical power of attorney enables you to designate a person you trust to make medical decisions for you when you are otherwise unable to speak for yourself. A financial power of attorney will allow you to designate an individual to make financial and property decisions for you should you become unable to handle your own affairs.
• Make sure that you have an advanced directive, also called a living will, which memorializes your wishes concerning your end of life care, such as whether you would like to receive life support if you are in a vegetative state or terminal condition.
• A list of legal, financial, and medical professionals who have performed services for you is also important. The list should include their contact information so your family can easily reach them in the event their help is needed if you become disabled or die. If desired, you should also ensure HIPAA authorizations are in place with medical professionals to ensure your family members are able to obtain needed information.
• Do you have a last will and testament and/or a trust? If you do not have these important documents, state law will determine who will inherit your property—and thus it may not occur in the way you would have chosen. In addition, someone appointed by the court, instead of a trusted person of your choosing, will oversee care for any children or pets. Spelling out your wishes in a will or trust will also prevent unnecessary confusion, anxiety, and expense for other family members when you are gone.
• Compile a list of all of your accounts and other important information, including bank and investment accounts, titles to vehicles and homes, credit card accounts or loans, digital accounts (such as Facebook, LinkedIn, and Twitter) and passwords, Social Security cards, passports and birth certificates, which may be needed to manage your property when you are incapacitated or settle your estate once you are gone. This information should be kept in a safe place and shared only with trusted family members or loved ones.
• Do you have insurance? If you become incapacitated or die, it is important for your family or loved ones to have information about your insurance (such as life, health, disability, longterm care, etc.) so that claims can be filed.

Consult an estate planning attorney. An experienced estate planning attorney can help you and your family members create an estate plan tailored to meet each of your unique needs and carry out your wishes—or help you update a pre-existing estate plan. We can provide each family member with guidance and information about the options available to them. We can help each of you put a plan in place that will prevent unnecessary stress, legal expenses and taxes, uneven inheritances, disputes between family members, and delays in passing life savings on to loved ones. In addition, it will provide you and your family members with the peace of mind that comes with knowing there are plans in place for your care if any of you become ill and that your wishes will be honored once you pass away. Call us today to set up a meeting.